In 2009, Quasar LTD. acquired all of the common stock of Penlight Lasar for $124 million. The fair value of Penlight's identifiable tangible and intangible assests totaled $205 million, and the fair value of liabilities assumed by Quasar was $95 million. Quasar performed the required goodwill impairment test at the end of its fiscal yaer ended December 31, 2011. Management has provided the following information:

Fair value of Penlight $115 million

Fair value of Penlight's net assets (excluding goodwill) $107 million

Book value of Penlight's net assets (including goodwill) $125 million

Required:

1. Determine the amount of goodwill that resulted from the Penlight acquisition.

2. Determine the amount of goodwill impairment loss that Quasar should recognize at the end of 2011, if any.

3. If any impairment loss is required, prepare the journal entry to record the loss.